Nigeria has officially joined the BRICS economic bloc as a partner country, alongside 12 other nations, marking a significant step in deepening its global economic relations.
The announcement was made at the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024, further consolidating Nigeria’s economic ties with emerging markets.
In addition to Nigeria, the countries now recognized as BRICS partner nations include Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.
While these nations have not attained full membership status, their inclusion represents a pivotal moment for the bloc as it continues to expand its influence.
A statement on the BRICS official X (formerly Twitter) handle on Wednesday confirmed, “BRICS officially adds 13 new nations to the alliance as partner countries (not full members).”
This decision reflects the bloc’s commitment to fostering cooperation and growth among diverse global economies.
Nigeria’s inclusion comes on the heels of a notable surge in foreign capital inflows from BRICS nations, which soared by 189% in the first half of 2024.
The inflows reached $1.27 billion, compared to $438.72 million during the same period in 2023.
This significant economic boost signals the growing economic synergy between Nigeria and BRICS member states.
The Kazan summit, themed “Strengthening Multilateralism for Fair Global Development and Security,” is the sixteenth annual BRICS meeting and comes at a time of increased global interest in multilateral cooperation. Nigeria’s addition to the bloc as a partner country aligns with its strategic ambitions to deepen economic integration and foster trade with key emerging nations.
The BRICS bloc, originally formed by Brazil, Russia, India, and China (BRIC) in 2009, welcomed South Africa as a full member in 2010, rebranding the group to BRICS. Since then, the organisation has emerged as a powerful coalition of developing economies with an emphasis on fostering trade, investment, development, and security.
This year’s summit was attended by new full members Iran, Egypt, Ethiopia, and the United Arab Emirates, who officially joined BRICS in January 2024.
The inclusion of partner countries like Nigeria and the aforementioned 12 nations highlights BRICS’ ongoing efforts to expand its global reach and strengthen economic ties across continents.
The prospect of Nigeria becoming a full member of BRICS has been a topic of discussion for some time. In November 2023, Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, indicated the country’s ambition to join BRICS and the G20 group of nations within two years. He emphasized that Nigeria’s large economy and substantial population made it a suitable candidate for such organizations.
Tuggar’s statement reflected the growing recognition of Nigeria’s importance on the global economic stage and its potential to contribute to multilateral organizations like BRICS. As a partner country, Nigeria is now positioned to further leverage its economic strengths and continue building its international partnerships.
Chioma Kalu
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